Minnesota Statutes
Chapter 473 — Metropolitan Government
Section 473.665 — Bonds, Issuance.

Subdivision 1. Up to $125,000,000. In anticipation of the receipt by the corporation of payments by cities herein provided for, appropriations, rents, and profits, and of income from any other source, and for the purpose of securing funds as needed for the payment of the cost of property acquired, airports constructed and purchased, and other purposes herein authorized, the corporation is hereby authorized to issue its bonds in an aggregate principal amount not exceeding $125,000,000, bearing interest at a rate not to exceed five percent per annum, payable semiannually. Notwithstanding any provision to the contrary included within the charter of either city or any general or special law of the state of Minnesota they may be issued and sold without a vote upon said question by electors of either city.
Subd. 2. Terms. Such bonds shall be of such date, denominations, place of payment, form, and details as may be determined by such corporation, not inconsistent with the provisions of sections 473.601 to 473.679. They shall mature serially, the first installment to fall due in not more than three years and the last in not more than 30 years from their date, and no annual maturing installment shall exceed by five times the amount of the smallest annual maturing installment; provided, that the amount of such installments of principal may be such that the increase thereof from year to year shall approximately equal the decrease from year to year in the interest of the bonds remaining unpaid. Any bond may reserve the right of its redemption and prepayment at a date or dates fixed therein at par and accrued interest or at such premium and upon such notice as shall be determined by the corporation prior to the issuance of the bond.
Subd. 3. Formalities. The bonds shall be signed by the chair, attested by the secretary and countersigned by the treasurer, of the corporation. The interest coupons to be thereto attached shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of the chair and secretary. The signatures of at least one of the officers signing the bonds shall be manual but those of the others may be printed, engraved or lithographed facsimiles. The validity of bonds or coupons so executed shall remain unimpaired by the fact that one or more of such officers shall have ceased to be in office before their delivery to the purchaser or shall not have been in office on the formal date of the bonds. Section 475.60, in so far as applicable, shall apply to the negotiation and sale of the bonds. They shall not impose any personal liability upon any member of the corporation.
Subd. 4. Security, payment. The bonds shall be secured by pledge of the full faith, credit, and resources of the cities in and for which the corporation has been created. The corporation is hereby authorized to pledge such full faith, credit, and resources, and specific consent thereto by each city shall be conclusively presumed from the appointment of commissioners by the council thereof. They shall be paid from tax levies as hereinafter provided, and from earnings of the corporation, or may be secured by mortgage or deed of trust on any of the property owned by the corporation. As to bonds negotiated and sold independent of the original $15,000,000 authorization plus $5,000,000, however, the proceeds derived therefrom shall be used by the corporation only for the acquisition of lands, if acquisition of additional lands be necessary, and the construction upon lands, either to be acquired or already acquired, of such revenue producing airport facilities as will be, in the considered judgment of the commissioners of the corporation, self-liquidating over the useful life of such facilities; and such facilities shall be covered by such contracts or by such charges as such commissioners shall establish for the use thereof as will, in the considered judgment of such commissioners, make such facilities self-liquidating; and before the negotiation and sale of any such bonds, such commissioners shall by resolution find, determine and declare that the facilities for which the bonds are to be issued will to the best of their judgment be self-liquidating. The corporation may in like manner issue and sell bonds for the purpose of refunding any bonds theretofore issued in accordance with this section which by their terms are prepayable at the time of such refunding; and such refunding bonds shall not be included in computing the foregoing limits on amounts of bonds issuable by the corporation.
Subd. 5. Tax levy; surplus; reduction. The corporation, upon issuing any bonds under the provisions of this section, shall, before the issuance thereof, levy for each year, until the principal and interest are paid in full, a direct annual tax on all the taxable property of the cities in and for which the corporation has been created in an amount not less than five percent in excess of the sum required to pay the principal and interest thereof, when and as such principal and interest matures. After any of such bonds have been delivered to purchasers, such tax shall be irrepealable until all such indebtedness is paid, and after the issuance of such bonds no further action of the corporation shall be necessary to authorize the extensions, assessments, and collection of such tax. The secretary of the corporation shall forthwith furnish a certified copy of such levy to the county auditor or county auditors of the county or counties in which the cities in and for which the corporation has been created are located, together with full information regarding the bonds for which the tax is levied, and such county auditor or such county auditors, as the case may be, shall enter the same in the register provided for in section 475.62, or a similar register, and shall extend and assess the tax so levied. If both cities are located wholly within one county, the county auditor thereof shall annually extend and assess the amount of the tax so levied. If the cities are located in different counties, the county auditor of each such county shall annually extend and assess such portion of the tax levied as the net tax capacity of the taxable property located wholly within the city in such county bears to the total net tax capacity of the taxable property within both cities. Any surplus resulting from the excess levy herein provided for shall be transferred to a sinking fund after the principal and interest for which the tax was levied and collected has been paid; provided, that the corporation may, on or before October 15 in any year, by appropriate action, cause its secretary to certify to the county auditor, or auditors, the amount on hand and available in its treasury from earnings, or otherwise, including the amount in the sinking fund, which it will use to pay principal or interest or both on each specified issue of its bonds, and the county auditor or auditors shall reduce the levy for that year, herein provided for by that amount. The amount of funds so certified shall be set aside by the corporation, and be used for no other purpose than for the payment of the principal and interest of the bonds. All taxes hereunder shall be collected and remitted to the corporation by the county treasurer or county treasurers, in accordance with the provisions of law governing the collection of other taxes, and shall be used solely for the payment of the bonds where due.
Subd. 6. Must tax as necessary for bonds. This section shall not be construed as limiting the power of the corporation to levy taxes to pay its bonds issued hereunder but such corporation shall have the authority and it shall be its duty to levy any taxes necessary to provide revenue to pay such bonds.
Subd. 7. Keep bonds six years. The treasurer may destroy all redeemed bonds and coupons issued by the commission which have been on file in the treasurer's office for more than six years.
1975 c 13 s 118; 1986 c 444; 1988 c 719 art 5 s 84; 1989 c 329 art 13 s 20; 2014 c 308 art 9 s 88

Structure Minnesota Statutes

Minnesota Statutes

Chapters 473 - 473J — Metropolitan Area

Chapter 473 — Metropolitan Government

Section 473.121 — Definitions.

Section 473.123 — Metropolitan Council.

Section 473.125 — Regional Administrator.

Section 473.127 — Advisory Committees.

Section 473.129 — Powers Of Metropolitan Council.

Section 473.1293 — Energy Forward Pricing Mechanisms.

Section 473.13 — Budget, Financial Aid.

Section 473.132 — Short-term Indebtedness.

Section 473.142 — Small Businesses.

Section 473.1425 — Working Capital Fund.

Section 473.143 — Affirmative Action Plans.

Section 473.144 — Certificates Of Compliance For Contracts.

Section 473.145 — Development Guide.

Section 473.146 — Policy Plans For Metropolitan Agencies.

Section 473.1466 — Transportation System Performance Evaluation.

Section 473.1467 — No Spending For Certain Rail Projects.

Section 473.147 — Regional Recreation Open Space System Policy Plan.

Section 473.149 — Solid Waste Comprehensive Planning.

Section 473.151 — Disclosure.

Section 473.1565 — Metropolitan Area Water Supply Planning Activities; Advisory Committees.

Section 473.157 — Water Resources Plan.

Section 473.1631 — Legislative Review.

Section 473.164 — Sports, Airport Commissions To Pay Council Costs.

Section 473.165 — Council Review; Independent Commission, Board, Agency.

Section 473.166 — Controlled Access; Approval.

Section 473.167 — Highway Projects.

Section 473.168 — Freeway Exclusive Lanes.

Section 473.171 — Council Review; Applications For Federal And State Aid.

Section 473.173 — Council Review; Metropolitan Significance.

Section 473.175 — Review Of Comprehensive Plans.

Section 473.181 — Additional Council Review.

Section 473.191 — Local Planning Assistance.

Section 473.192 — Aircraft Noise Attenuation.

Section 473.194 — Definitions.

Section 473.195 — Housing And Redevelopment Authority Powers.

Section 473.197 — Housing Bond Credit Enhancement Program.

Section 473.199 — Effect On A Municipal Or County Hra.

Section 473.201 — Allocate Local Project Costs; Seek, Get U.s. Grants.

Section 473.206 — Local Ordinances.

Section 473.208 — Cooperation.

Section 473.223 — Federal Aid.

Section 473.24 — Population Estimates.

Section 473.242 — Urban Research.

Section 473.245 — Reports.

Section 473.246 — Council's Submissions To Legislative Commission.

Section 473.249 — Tax Levy.

Section 473.25 — Livable Communities Criteria And Guidelines.

Section 473.251 — Metropolitan Livable Communities Fund.

Section 473.252 — Tax Base Revitalization Account.

Section 473.253 — Livable Communities Demonstration Account.

Section 473.254 — Local Housing Incentives Account.

Section 473.255 — Inclusionary Housing Account.

Section 473.301 — Definitions.

Section 473.302 — Regional Recreation Open Space System; Purpose.

Section 473.303 — Metropolitan Parks And Open Space Commission.

Section 473.313 — Master Plans.

Section 473.315 — Grants For Recreation Open Space.

Section 473.325 — Sales Of G.o. Refunding Bonds.

Section 473.331 — Local Acquisition.

Section 473.334 — Special Assessment; Agreement.

Section 473.341 — Tax Equivalents.

Section 473.351 — Metropolitan Area Regional Parks Funding.

Section 473.371 — Policy; Goals.

Section 473.375 — Powers And Duties Of Council; Advisory Committee.

Section 473.384 — Contracts.

Section 473.385 — Transit Service Areas.

Section 473.386 — Special Transportation Service.

Section 473.387 — Special Transportation Markets.

Section 473.3875 — Transit For Livable Communities.

Section 473.388 — Replacement Service Program.

Section 473.39 — Borrowing Money.

Section 473.391 — Route Planning And Scheduling.

Section 473.3925 — Bus Purchases.

Section 473.3927 — Zero-emission And Electric Transit Vehicles.

Section 473.399 — Transit Ways; Light Rail Transit And Commuter Rail In The Metropolitan Area.

Section 473.3993 — Light Rail Transit Facility Plans; Definitions.

Section 473.3994 — Light Rail Transit; Design Plans.

Section 473.3995 — Light Rail Transit; Design-build Method.

Section 473.3997 — Federal Funding; Light Rail Transit.

Section 473.3999 — Light Rail Transit Construction; Council Authority.

Section 473.405 — Powers.

Section 473.4051 — Light Rail Transit Construction And Operation.

Section 473.4052 — Right-of-way Use; Contracts; Liability.

Section 473.4055 — Regulation Of Light Rail Transit Warning Signals.

Section 473.4056 — Light Rail Transit Vehicle Design.

Section 473.4057 — Commuter Rail Operation And Maintenance.

Section 473.407 — Metropolitan Transit Police.

Section 473.408 — Fare Policy.

Section 473.409 — Agreements With Council; Encouragement Of Transit Use.

Section 473.41 — Transit Shelters And Stops.

Section 473.411 — Transit And Highway Systems.

Section 473.415 — Acquired Systems: Council Obligation; Worker Rights.

Section 473.416 — Rights Of System Workers In Takeover Of Transit System.

Section 473.42 — Employer Contributions For Certain Employees.

Section 473.436 — Council; Borrowing Money.

Section 473.446 — Transit Tax Levies.

Section 473.4461 — Additions To Transit Taxing District.

Section 473.448 — Transit Assets Exempt From Tax But Must Pay Assessments.

Section 473.4485 — Metropolitan Area Transit Investment.

Section 473.449 — Act Exclusive.

Section 473.452 — Transit Operating Reserves; Report.

Section 473.501 — Definitions.

Section 473.504 — Wastewater Services, Powers.

Section 473.505 — Total Watershed Management.

Section 473.511 — Sewer Service Function.

Section 473.5111 — Transfer, Disposal Of Nonmetropolitan Interceptor.

Section 473.512 — Pension Exclusion For Certain Labor Service Employees.

Section 473.513 — Municipal Plans And Programs.

Section 473.515 — Sewage Collection And Disposal; Powers.

Section 473.5155 — Violation Of Wastewater Law; Remedies, Penalties.

Section 473.516 — Waste Facilities; Sewage Sludge Disposal.

Section 473.517 — Allocation Of Costs.

Section 473.519 — 1972 U.s. Water Pollution Control Act: Use Charge Shares.

Section 473.521 — Payments To Council.

Section 473.523 — Construction Contracts Subject To Municipal Bid Law.

Section 473.524 — Capital Intensive Public Services.

Section 473.541 — Debt Obligations.

Section 473.542 — Depositories.

Section 473.543 — Moneys, Accounts And Investments.

Section 473.545 — Property Exempt From Taxation.

Section 473.547 — Tax Levies.

Section 473.549 — Relation To Existing Laws.

Section 473.551 — Definitions.

Section 473.552 — Legislative Policy; Purpose.

Section 473.553 — Commission; Membership; Administration.

Section 473.556 — Powers Of Commission.

Section 473.561 — Exemption From Council Review.

Section 473.564 — Metropolitan Sports Area.

Section 473.565 — Post 1977 Service In Msrs; Exceptions.

Section 473.572 — Revised Final Determination.

Section 473.581 — Debt Obligations.

Section 473.592 — Tax Revenues.

Section 473.595 — Commission Finances.

Section 473.596 — Highway User Tax Fund For Metrodome Access; Limits.

Section 473.598 — Arena Acquisition.

Section 473.599 — Debt Obligations.

Section 473.5995 — Football Stadium Account.

Section 473.601 — Definitions.

Section 473.602 — Declaration Of Purposes.

Section 473.6021 — Public Necessity And Purpose For Bonds.

Section 473.603 — Metropolitan Airports Commission; Powers; Structure.

Section 473.604 — Membership, Government.

Section 473.605 — Organization; Corporate Seal; Bylaws.

Section 473.606 — Officers.

Section 473.608 — Powers Of Corporation.

Section 473.609 — Condemnation For Preexisting Airport Property.

Section 473.611 — Plans To Be Consistent With Development Guide.

Section 473.614 — Environmental Review.

Section 473.621 — Powers Of Corporation.

Section 473.622 — Existing Airports; Control, Jurisdiction.

Section 473.625 — Detaching Major Airport Land From City, School District.

Section 473.626 — Value And Assessment Of Taxable Detached Property.

Section 473.627 — Tax For Police, Fire, Streets, Parking.

Section 473.629 — Value Of Property For Bond Issues By School Districts.

Section 473.631 — Boundaries Of Major Airport.

Section 473.638 — Control Measure Involving Taking.

Section 473.64 — Governments In Airport Development Area; Tax Sharing.

Section 473.641 — New Airport; Public Hearing.

Section 473.651 — Rentals Fixed.

Section 473.652 — Construction Work.

Section 473.653 — Restrictions On Certain Airports.

Section 473.655 — Public And Governmental Purposes.

Section 473.661 — Budget Specifying Amounts For Separate Items.

Section 473.662 — Earnings, How Applied.

Section 473.665 — Bonds, Issuance.

Section 473.666 — Bonds, Legal Investments For Public Funds.

Section 473.667 — General Obligation Revenue Financing.

Section 473.6671 — Revenue Bonds.

Section 473.668 — Municipalities To Guarantee Bonds Of Commission.

Section 473.671 — Limit Of Tax Levy.

Section 473.672 — Metropolitan Area Tax Levy.

Section 473.675 — Legal Proceedings.

Section 473.679 — Construction Of Law.

Section 473.685 — Airport Parking Space Customer Data.

Section 473.701 — Definitions.

Section 473.702 — Establishment Of District; Purpose; Area; Governing Body.

Section 473.703 — Commission.

Section 473.704 — Powers And Duties.

Section 473.705 — Contracts For Materials, Supplies And Equipment.

Section 473.706 — Adverse Interest Of Commissioners.

Section 473.711 — Financing; Budget And Tax Levies.

Section 473.712 — Withdrawal; Assets.

Section 473.714 — Compensation Of Commissioners.

Section 473.715 — Contiguous Counties; Membership.

Section 473.716 — Cooperation With Other Agencies; Advisors.

Section 473.75 — Purpose.

Section 473.751 — Definitions.

Section 473.752 — Location.

Section 473.753 — Property Tax Exemption; Special Assessments.

Section 473.754 — Employees And Vendors.

Section 473.755 — Minnesota Ballpark Authority.

Section 473.756 — Powers Of Authority.

Section 473.757 — County Activities; Bonds; Taxes.

Section 473.758 — Implementation.

Section 473.759 — Criteria And Conditions.

Section 473.76 — Metropolitan Sports Facilities Commission.

Section 473.761 — City Requirements.

Section 473.762 — Local Taxes.

Section 473.763 — Community Ownership.

Section 473.801 — Definitions.

Section 473.8011 — Metropolitan Agency Recycling Goal.

Section 473.803 — Metropolitan County Planning.

Section 473.804 — Household Hazardous Waste Management.

Section 473.811 — Waste Management By Counties, Defined Local Units.

Section 473.812 — Records; Inspection.

Section 473.813 — Cities, Counties, Towns; Solid Waste Contracts.

Section 473.823 — Rules And Permits.

Section 473.834 — Debt Service; Solid Waste Bonds.

Section 473.841 — Citation.

Section 473.842 — Definitions.

Section 473.843 — Metropolitan Solid Waste Landfill Fee.

Section 473.844 — Metropolitan Landfill Abatement Fund.

Section 473.8441 — Local Recycling Development Program.

Section 473.845 — Metropolitan Landfill Contingency Action Account.

Section 473.846 — Report To Legislature.

Section 473.847 — Operator Or Owner Liability For Response Expenses.

Section 473.848 — Restriction On Disposal.

Section 473.849 — Prohibition; Solid Waste Disposal.

Section 473.851 — Legislative Findings And Purpose.

Section 473.852 — Definitions.

Section 473.853 — Advisory Committee.

Section 473.854 — Guidelines.

Section 473.856 — Metropolitan System Statements; Amendments.

Section 473.857 — System Statements; Reconciliation Procedures.

Section 473.858 — Comprehensive Plans; Local Governmental Units.

Section 473.859 — Comprehensive Plan Content.

Section 473.86 — Cities.

Section 473.861 — Towns.

Section 473.862 — Metro Counties Other Than Hennepin, Ramsey, Anoka, And Dakota.

Section 473.864 — Plans; Adoption; Amendment.

Section 473.865 — Adoption; Conflicts, Amendment Of Controls, Devices.

Section 473.866 — Contested Cases; Administrative And Judicial Review.

Section 473.867 — Planning Assistance; Grants; Loans.

Section 473.869 — Extension.

Section 473.87 — Levy For Increased Costs.

Section 473.871 — New Municipal Sewer Systems.

Section 473.910 — Midtown Planning And Coordination Board.

Section 473.912 — Powers Of Board.

Section 473.915 — Procurements.